Tagged: UAD

November 24, 2015

MC Form & Incorrect Reporting of DATA

Appraisers, Wednesday last week (11/18/15) WorkingRE published, via their e-Newsletter, an article I submitted to them as an ‘exclusive.’ I was in a jet to Las Vegas to attend the Appraisal Summit & Expo that day. In case you did not see the article, I’m letting you know about it here. You can access the WorkingRE version of the article here. I want to thank those appraisers who left comments on the WorkingRE site, included below the article, and to those appraisers who wrote me directly. Getting feedback is critical, and appreciated. And kudos to Isaac Peck, Editor and David Brauner, Publisher,...

1004MC / Appraisal / Appraisal News / Appraisers News / UAD / Uniform Appraisal Dataset

September 30, 2015

Free Enterprise an Appraisal Myth?

Is THAT free enterprise? I’m surprised anyone in the business today sees any minimum pricing proposal as being anti-free enterprise. Contrary to popular belief we have not had free enterprise in the GSE appraisal process since HVCC first reared its ugly head. AMCs ‘telling’ us to pick a number from $250 to $350, or that ‘THEY pay’ $325 per 1004 is NOT free enterprise. I’m an old timer (1986) that was brought up on what used to be AIREA (now the AI) & SREA (now gone) positions that free enterprise and the Sherman Anti-Trust Act prohibited us from ‘even discussing’...

AGA / AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisal Organizations

June 18, 2015

Condo Density Primer

Many appraisers still seem confused as to what the form means by density. In the project section of Fannie Mae form 1073 the first line addresses topography, size, density and view. Many appraisers still seem confused as to what the form means by density. Appraisers enter and AMCs approve phrases like: average or typical or even a calculation such as 50 units / 12,975 square feet. Appendix D regarding UAD reporting offers no guidance. What are they asking for and what does it mean? Fannie is looking to see if the existing density can be rebuilt following a catastrophic loss....

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisal Organizations / Appraisers News

June 2, 2015

Appraisers – The Reason You Have No Business: Functional Obsolescence

Functional obsolescence is the reason many appraisers are going out of business. On a daily basis, appraisers moan: “It’s because of the HVCC that my business is down” or “that AMC or X or Y or Z caused my income to decline.” Really? Are you sure? So, why is my company buried in business and you’re not? We’ve all heard about blacksmiths being out of work; Seems the use of horses has declined. And the need for typewriter repairmen, the demand just isn’t what it was 20 years ago. The people in these jobs failed to adapt; Maybe appraiser are having the same problem....

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisal Software / Appraisers News

April 8, 2015

Helpful Appraisal Tips From the Seattle Chapter of the Appraisal Institute

Last Fall I had the pleasure of attending the annual conference presented by the Seattle Chapter of the Appraisal Institute. I was able to sit in on some interesting educational sessions. With all the conversation in industry surrounding CU and other initiatives directly impacting appraisers, I felt highlights from the educational sessions would be beneficial. The following information is from a presentation by Clark Dickson with HomeStreet Bank called, “Appraising for Lenders in Today’s World.” Mr. Dickson’s presentation was about appraisal quality and what it takes to have your appraisal be acceptable in today’s lending environment. He said that everything...

AI / Appraisal / Appraisal Institute / Appraisal News / Appraisal Organizations / Appraisal Quality Monitoring

March 26, 2015

I Do Not Quit, Not Ever!

I Did Not Quit when HVCC, UAD and CU Came Along. I Do Not Quit, Not Ever! I do not quit. Not ever. I have a different perspective based on lifelong lessons from my father. I did not quit when a lost helmet in the last play of the season made it painful to block during high school football. That effort got me my school letter despite being 3 quarters short. It was worth the headache. I did not quit Boot Camp in 1969 when at 129 pounds and six feet, very few thought I’d make it. To this day I...

AGA / Appraisal / Appraisal News / Appraisal Organizations / Appraisers News / Collateral Underwriter

January 28, 2015

Other Appraisers Peer Reports

Now Appraisers Must Conform to the Opinions of Other Appraisers/Unknown Persons of Unknown Competence! Appraisers, Many of you know I scan various sources for appraiser/appraisal related info, and send out items I think are important. Well, today Collateral Underwriter (the extraordinarily SECRET process developed by FNMA and given ONLY to LENDERS for report review) started. As predicted by many appraisers, it already generated responses appraisers are forced to deal with, primarily because the reporting appraiser’s data (in the report) is different from “peer” reports. As a poster to one of the forums said:

Appraisal / Appraisal News / Appraisal Quality Monitoring / Appraisers News / AQM / Collateral Underwriter

Share Comps: Shared Appraiser-Only Database

January 16, 2015

Comps Exchange Data Base

I’ve always said that I think it’s insane that everyone has access to appraiser-provided data EXCEPT the appraisers who generated the appraisals in the first place. That needs to be fixed. So, we’re creating a system enabling you to seamlessly share comps among yourselves. You’ll have the same data that’s being used to judge you. We’re confident it will be effective: a la mode users alone generate enough appraisals per day to cover the entire market with high quality subject and comp data. With just the existing TOTAL and Aurora users joining in, tens of millions of comps will be available, exactly like in...

a la mode / Appraisal / Appraisal News / Appraisal Software / Appraisers News / Collateral Underwriter

Fannie Mae Claims the CU Process Will Improve Appraisals

January 5, 2015

CU Process Will Improve Appraisals? A Pipedream or Reality?

Fannie Mae Claims the CU Process Will “Improve Appraisals.” A Pipedream or Reality? Appraisers, A few days ago, I watched the FNMA eLearning webinar “Introduction to CU” video showing how their new Collateral Underwriter will be implemented, starting on Jan. 26, 2015, applying to 1004 and 1073 Reports (initially). You really should watch this also! CU applies to FANNIE MAE only; FreddieMac, VA, FHA, USDA are not involved at this time. Click this link, and you’ll find the link to the video ½ way down on the left. I captured a few screen shots of their presentation to help explain...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisal Quality Monitoring / Appraisers News

December 18, 2014

Major Change to Fannie Mae Selling Guide

Major Change in Fannie Mae’s Selling Guide Appraisers and report reviewers, Fannie Mae issued an update to their Selling Guide on 12/16/14. It contains this pretty major change to their guidelines: Adjustments to Comparable Sales As a result of an analysis of Uniform Appraisal Dataset data specific to comparable adjustments, Fannie Mae has eliminated the 15% net and 25% gross adjustment guidelines and has provided clarification with respect to Fannie Mae’s expectations for the appraiser to analyze the market for competitive properties and provide appropriate market based adjustments without regard to limits on the size of the adjustments. Updated Selling Guide...

Appraisal / Appraisal News / Appraisers News / Fannie Mae - Freddie Mac / Federal Housing Administration / FHA